Wanda to buy Infront with 1 billion Euros

‍‍Chinese media Titan Sports reported yesterday that Wanda was going to finish its acquisition of Infront Sports & Media with 1 billion Euros in this month. It is likely to make an announcement as early as next few weeks. 

Wanda Group released official news on its website of a meeting between Wanda President Wang Jianlin and the CEO of Infront Group on Jan. 14, 2015, five days before Wanda announced the acquisition of part of Atletico Madrid’s shares, according to Titan Sports. 

Earlier news said that Wanda was competing with Providence Equity Partners. Around 10 companies around the world showed interests in this acquisition at the beginning. 

Last month, Wanda acquired 20% of the shares of Atletico Madrid FC. What’s more, it has been spreading its businesses overseas, with a scheme to have hotels in 10 major cities around the world in the next 10 years. 

It is reported that one reason behind this acquisition is that Infront has media rights of many major events, which attracts Wanda Group. It is also regarded that this acquisition could help China with the 2022 Winter Olympic bidding and future World Cup holdings. Others say that this move of Wanda also enable the group to embrace China’s recent policy to develop the sports industry. 

Source: NetEase, Xinhua, and others.